In a briefing released yesterday, the IFoA said diverse needs and circumstances among those requiring care now and in the future means there is “no one-size-fits all solution”.

It urges ministers to consider how to best remove barriers to insurance and savings-based products, and explore how people can most effectively use their property and pension wealth.

This comes as the government prepares to release its social care green paper later this year, with the IFoA now highlighting the “essential role” actuaries can play in suggesting funding solutions.

“Actuaries have a history of quantifying and managing long-term risk and assessing mortality and morbidity,” IFoA president, Jules Constantinou, said. “The profession can offer a unique perspective.

“Given that reform will need to address both current care needs and future needs for the working population, we want to emphasise that there is no one-size-fits all solution for funding.”

The IFoA also said funding should not leave younger generations having to bear a disproportionate amount of the costs, particularly given a projected shrinking tax base over the coming decades.

Moreover, the institute argued that more must be done to raise awareness about who is responsible for paying for care, with many people unclear whether it is the state or individual.

“As part of this national conversation, we need to debate how the system can be funded in a way that is fair,” Constantinou said. “The ageing population will result in a shrinking tax base.

“When considering how to plug that funding gap, we would caution the government against asking the younger generations to bear a disproportionate amount of the costs.”

The IFoA will release a series of briefings over the coming months exploring how means testing can be made fairer, potential funding solutions, financial products, and perspectives from other parts of the world.